Blackstone, the private equity giant has sold another large chunk of shares in garment exporter Gokaldas Exports as it looks to gradually liquidate one of its loss-making investments in India.

It sold 7.4 per cent stake in the company for Rs 29.2 crore ($4.4 million) recently. The P.E firm sold shares at Rs 113.5 each or less than half the price at which it had invested in the firm.

According to the exchange data, ICICI Bank bought the shares. This is the second large chunk of shares of Gokaldas Exports that Blackstone has offloaded in the past few weeks. Last month, Blackstone had sold just under 10 per cent stake in the firm for Rs 43.5 crore ($6.5 million). That time too ICICI Bank had picked the shares.

Separate disclosures suggest ICICI Bank has been slowly selling the shares previously purchased from Blackstone at a loss. With the latest share sale, Blackstone's holding in the company has fallen to 40 per cent. This is currently worth Rs 154 crore.

Meanwhile, Gokaldas Exports' scrip declined 2.12 per cent to close the day at Rs 110.95 a share on the BSE in a strong Mumbai market.